The proposed listing of Dangote Cement on the London Stock Exchange , LSE, has been delayed till 2023.
Bloomberg reports that Dangote has rather chosen to focus on increasing exports; as well as boosting the company’s foreign exchange reserves.
This was confirmed by Temilade Aduroja, head of investor relations at Dangote Cement in an email to Bloomberg.
She disclosed that Dangote Cement, Africa’s biggest cement maker, will not be considering an IPO on the London Stock Exchange until at least 2023.
“The London listing is not something which will happen in the short to medium term. We are focused on our export strategy and increasing our foreign-currency revenue,” she said.
The report notes that Dangote, 63, who has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and gain access to cheaper funds on international markets. However, he has held back on the IPO for one reason or another. In 2019, he had reportedly stated that the listing would happen in 2019.
Nevertheless, Brian Egan, former chief financial officer, had, however, pegged 2020 as a more likely year for the IPO.